Morgan Stanley analysts last week predicted U.S. commercial real estate prices would grow by a big fat zero percent in 2016, replacing a previous forecast of 5 percent growth over the course of the year.

It was a surprising prediction for a market which has seen prices easily blow past their pre-financial crisis highs. Values for office buildings, hotels, shopping malls and the like have appreciated rapidly in recent years, thanks in part to insatiable investor demand for higher-yield commercial real estate assets.